(Reuters) –The Swiss lender Credit Suisse Group AG sought permission from an English court last week to launch official legal procedures against Japan’s SoftBank Group Corp over a $440 million disagreement, the Financial Times reported on Thursday.
The claims pertaining to Credit Suisse customer funds that the now-defunct Greensill Capital had lent to Katerra, a U.S. construction business financed by Softbank (OTC: SFTBYVision )’s Fund, FT claimed. https://on.ft.com/3JLWswM
After accruing debts of over $1 billion, Katerra eventually declared bankruptcy.
Credit Suisse filed a petition in the United States last year in an attempt to obtain evidence for a lawsuit it planned to file in Britain against SoftBank and other affiliates for money it claimed Katerra owed. [nL8N2T91RM]
The Swiss financial institution wants to find out how much Masayoshi Son, chairman, and chief executive officer of SoftBank, knew about Katerra’s reorganization plans.
Both Credit Suisse and SoftBank denied Reuters’ request for comment.
